(1) A municipality with a population of one hundred thousand (100,000) or more according to the latest federal decennial census, may convey to its urban renewal agency, for a nominal price, land in a slum area, blighted area or urban renewal area to which it holds title.
(2) As used in this section: “Urban renewal agency” means an urban renewal agency created under Section 43-35-33.
(3) “Slum area,” “blighted area” and “urban renewal area” have the meaning ascribed to such terms in Section 43-35-3.